Oshiomhole backs CBN reforms, urges policy discipline
Senator Adams Oshiomhole, who represents Edo North Senatorial District and serves on the Senate Committee on Finance, has commended the Central Bank of Nigeria (CBN) for what he described as
Senator Adams Oshiomhole, who represents Edo North Senatorial District and serves on the Senate Committee on Finance, has commended the Central Bank of Nigeria (CBN) for what he described as bold and necessary reforms aimed at stabilising the economy.
He made the remarks in Abuja during an interactive session between members of the President’s economic team and lawmakers, where the Governor of the CBN, Mr Olayemi Cardoso, was represented by the Deputy Governor in charge of Economic Policy, Dr Muhammad Sani Abdullahi.
Oshiomhole admitted that he was initially sceptical about the leadership of the bank when President Bola Ahmed Tinubu appointed the current management. “I was one of those who were very critical when you were appointed, but today, I am one of your marketers,” he said.
He urged the bank to remain focused and avoid political pressure in carrying out its duties.
“You must sustain those tools and not be influenced by politics. You should be guided by pure economic logic,” Oshiomhole added.
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His comments came after Dr Abdullahi presented an update on the CBN’s reform measures and their impact on the economy.
According to the Deputy Governor, recent policy actions by the bank have helped to slow down both food inflation and overall headline inflation, while also supporting exchange rate stability.
He told the gathering that the bank remains committed to bringing inflation down to single-digit levels over time, describing price stability as a key priority.
Abdullahi also spoke about the importance of coordination between monetary and fiscal authorities. He said closer collaboration between the CBN and the federal government’s economic managers has helped promote stability and strengthen confidence in the economy.
He explained that maintaining stability in prices and the foreign exchange market is essential for sustainable growth, as it gives businesses and investors more certainty in planning and decision-making.
Oshiomhole’s endorsement marks a notable shift in tone, especially given his earlier criticism of the Bank’s management. His public support at the session signalled growing confidence among some lawmakers in the direction of current monetary policies.
The interactive session formed part of ongoing engagements between the National Assembly and members of the President’s economic team, as the government seeks to address inflationary pressures, stabilise the naira and restore macroeconomic balance.
With inflation and exchange rate movements continuing to affect household incomes and business operations, the CBN’s reform agenda remains under close scrutiny. However, the latest remarks from the Edo North senator suggest that some critics are beginning to acknowledge the impact of the measures introduced so far.
